I am in a neighborhood that is all houses (of varying size and value). Recently someone proposed building two 8 family apartment buildings across the street behind my neighbors house on about 2 acres. Is there any place I can find comparative examples of this type of development and see the impact on home values in the surrounding area? My gut instinct is to sell immediately, but I’d like to have some data behind the decision.
2007-05-19 05:17:41 · 4 answers · asked by B_G 1 in Business & Finance ➔ Renting & Real Estate
Don't panic into selling. Do you know what caliber these properties are to be? Perhaps they are rather upscale, and not bottom-of-the barrel? You need to assess the quality of the proposed construction against the type of homes in your neighborhood. If you yourself live in an 'exclusive type' neighborhood, such a situation might well devalue your property. If you live in a rather average neighborhood, I would not be overly concerned. Sixteen units of rentals is not going to turn the area into a ghetto.
2007-05-19 06:59:17 · answer #1 · answered by acermill 7 · 0⤊ 0⤋
Don't panic! I live across the street from a apartment complex, mostly Section 8, for elderly and handicapped people. I'm sure there are over 200 apartments, I have never counted them. It is the quietest neighborhood in town. My property values have never decreased, but continue to increase. Of course this depends on where you live and what was there before that they had to tear down (if they did) for the construction. Do some research to find out what type of housing it will be and then base your decision on past neighborhoods where this type of housing has been built. Good Luck!
2016-05-17 10:34:06 · answer #2 · answered by juana 3 · 0⤊ 0⤋
Check with your county tax appraisal office.
2007-05-19 05:21:30 · answer #3 · answered by oldknowitall 7 · 0⤊ 0⤋
It will depreciate your property.
2007-05-19 05:21:32 · answer #4 · answered by ruthie 6 · 0⤊ 0⤋